Fidelity New Markets Income Fund
Fidelity Summer Street Trust · 6 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Fidelity New Markets Income Fund is an actively managed global bond fund.
- Asset class
- Bonds
- Region
- Global
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Mixed credit
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2026 Q1
Fidelity New Markets Income Fund seeks high current income. As a secondary objective, the fund seeks capital appreciation.
The fund invests at least 80% of assets in debt and income-producing equity securities of issuers in emerging markets or economically tied to them, with the manager selecting securities by analyzing structural features, pricing, credit and currency risks, and trading opportunities. The fund may also use derivatives with leveraging effects and allocate up to 20% of net assets to securities with leverage, including swaps, options, and futures contracts to adjust risk exposure. Because security selection depends on the manager's analysis of individual issuers' credit and economic risks, performance will diverge from any benchmark.
| Share class | Expense ratio |
|---|---|
| FNMIX | 0.75% |
| FGWMX | 1.04% |
| FGYMX | 1.79% |
| FGZMX | 0.79% |
| FGBMX | 0.69% |
| FGVMX | 1.04% |
Portfolio turnover 24.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 88.59% |
| Cash & short-term | 8.99% |
| Stocks | 2.50% |
| Derivatives | 0.02% |
Look-through blends 1 underlying fund; 0.0% of NAV was not looked through and stays direct-classified. The blend is as of 2025Q3, one or more quarters before the direct holdings (2026Q2).
Latest quarter
What changed since the fund's previous filing
Largest new: TURKEY REPUBLIC OF, PANAMA REPUBLIC OF, GACI FIRST INVESTMENT, EGYPT, (ARAB) REPUBLIC OF, ARGENTINA REPUBLIC OF, DANGOTE FERTILISER LTD, CONGO, REPUBLIC OF THE, OCP SA
Largest exited: PAKISTAN, ISLAMIC REP OF, CEMEX SAB DE CV, STATE OIL COMPANY OF THE AZERBAIJAN REPUBLIC, PETRONAS CAP LTD, ZAMBIA REPUBLIC, EGYPT, (ARAB) REPUBLIC OF, OCP SA ×2
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +16.46% | +41.54% | +22.61% | 5.48% | -3.95% | |
| +15.96% | -42.88% | -81.52% | 5.37% | -50.74% | |
| +15.19% | +10.33% | -26.27% | 5.38% | -7.02% | |
| +16.34% | +41.42% | +22.49% | 5.38% | -4.03% | |
| +16.46% | +41.72% | +22.96% | 5.45% | -4.03% | |
| +16.14% | -42.84% | -81.52% | 5.47% | -50.78% |
These classes hold the same portfolio, so the 104.49pp spread over 5 years is the cost difference between them — roughly 20.90pp a year — not a difference in what they own.
May 2026 and Jun 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 89.7% |
| Floating rate | 10.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 3.1% |
| 1-3y | 8.9% |
| 3-5y | 18.7% |
| 5-10y | 31.7% |
| 10y+ | 37.5% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 51% |
| Interest rates | 49% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +3.40 yr |
| High yield | +2.64 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.31 yr | 5% |
| 5 yr | 1.39 yr | 24% |
| 10 yr | 2.27 yr | 39% |
| 30 yr | 1.81 yr | 31% |
| 3 mo | 0.21 yr | 3% |
| 1 yr | 0.87 yr | 14% |
| 5 yr | 1.84 yr | 31% |
| 10 yr | 2.21 yr | 37% |
| 30 yr | 0.91 yr | 15% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.01 | +0.13 | +0.08 | $49.4k | $31.8k |
| 1 yr | +0.31 | +0.46 | +0.41 | $177.9k | $159.3k |
| 5 yr | +1.39 | +0.95 | +0.90 | $367.6k | $347.8k |
| 10 yr | +2.27 | +1.27 | +0.94 | $491.7k | $365.8k |
| 30 yr | +1.81 | +0.60 | +0.31 | $233.6k | $118.6k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | Fidelity Revere Street Trust | 6.15% | $238.81M | — |
| — | ARGENTINA REPUBLIC OF4.13% floating · due 2035-07-09 | 1.17% | $45.53M | — |
| — | UST NOTES4.13% · due 2032-05-31 | 0.85% | $32.96M | — |
| — | PETROLEOS MEXICANOS6.63% · due 2035-06-15 | 0.84% | $32.75M | — |
| — | ARGENTINA REPUBLIC OF5.00% floating · due 2038-01-09 | 0.82% | $31.86M | — |
| — | ARGENTINA REPUBLIC OF0.75% floating · due 2030-07-09 | 0.82% | $31.81M | — |
| — | PETROLEOS DE VENEZUELA SA0.00% · due 2037-04-12 | 0.76% | $29.38M | — |
| — | ECUADOR REPUBLIC OF6.90% floating · due 2035-07-31 | 0.74% | $28.79M | — |
| — | PETROLEOS DE VENEZUELA SA0.00% · due 2027-04-12 | 0.63% | $24.55M | — |
| — | MEXICO UNITED MEXICAN STATES6.05% · due 2040-01-11 | 0.57% | $22.19M | — |
Top 10 positions are 13.36% of net assets, top 25 20.77%, across 186 issuers.
See more of this fund's book
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